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." i'm maria bartiromo at the new york stock exchange. the house of representatives voting right now. they have a number of measures to vote on before speaker boehner's plan "b," but we'll continue to monitor capitol hill for any developments. meanwhi meanwhile, i'm here with scott wapner. the market modestly higher despite uncertainty over a fiscal cliff deal. new information coming up in moments. >> good to see you again. scott wapner in today for bill griffiths. less than one hour to go in this trading day. the dow is positive now, just off the highs of the day. good for 39 points. nasdaq's higher, s&p is higher as well at this point. all eyes certainly on the nation's capital though today, maria, and here at the stock exchange. >> absolutely. first, here is what we know. global exchange officials right now are discussing how to respond to an $8.25 billion deal announced today between the new york storage and intercontinental exchange. there's been informal discussions with the stock exchange about a deal as recently as last week but the nyse, afraid to have another deal blocked b
new york newspaper chooses to publish the names and addresses of thousands of private citizens who have legal gun permits. can the mainstream media still claim not to hate all gun owners after a stunt like this? "the kudlow report" starts right now. let's get the latest on the snag on the fiscal cliff talks and surprise news we are going to reach the debt ceiling in days instead of just a few months. john harwood has the details. what's going on? >> not a whole lot of actions going on. although there have been some developments. let me bring our viewers up to date on those. first of all, treasury secretary geithner this afternoon announced the united states would hit the statutory debt limit on monday. that's new year's eve. that's part of an effort to pressure congress to act to raise the debt limit which may or may not be direct limb reply indicated in the fiscal cliff talks but it is relevant to the larger issue of debt and deficits. the treasury can move money around in certain ways to extend the point where we actually reach a crisis for probably a couple of months. but this i
forward hearing from both men later in the program. as for the deal itself, if you're a new york stock exchange shareholder, mr. spreker built this account the past decade. 36% of the combined company will be controlled by current new york stock exchange shareholders. you get a premium. also an opportunity to participate in the continued growth of what will be a trading ba he months. they trade stocks. energy, interest rates, commodities, agriculture, that's what it's bat. global platform for the trading in so many different asset classes, particularly as it relates to derivatives, putting these two companies together this way. cost synergy is very important. $450 million what they are looking for. say that will take place after the second full year, realizing all of them but almost 80% within two years of closing. that's related to technology savings. clearing duplicate expenses, one public company instead of two save money. there are going to be some job losses one would anticipate here as well. women see how ice shares do today, of course, a growth company, so in growth shareholder
. my partner sue at the new york stock exchange. my partner sue with big interviewes this hour. >> that's right, ty. i spent the afternoon at blackrock's trading room and i got their outlooks for 2013. you will see it first here on cnbc. >>> here are investment take aways. fixed income. they feel there is danger in what many people consider a safe play. commodities, they have a long view there in many of those sectors. equities is kind of a global shorg an board, if you will. but they like the u.s. best. and in currencies, blackrock is all about being a dollar bull. so where specifically are they putting all that money to work in light of fiscal cliff? take a listen to what bla blackrock's robert casid 0 to me. he manages the firm's $3.7 trillion in assets. >> does this mean we good over the fiscal cliff. >> it is a very high likelihood it does or 11:59 on december 31st with a lot of hoopla. but tax rate are going to go up. there is a going to be a conclusion to this. even if it waits until the last minute. even if it is in january, what it is going to mean is slow growth. it may mean t
to "the closing bell." i'm maria bartiromo on the floor of the new york stock exchange. this market not able to get anything going today as the fiscal cliff fears continue to hang over us. as you see, we turned negative right at 4:00. in fact, we're looking at a decline of about 13 points right her here. the nasdaq composite also under pressure to the tune of five. the s&p 500 down about two points on the session. i want to take a closer look at what moved the markets as we await any decisions out of washington. joining us right now, keith springer, abbigail doolittle, and our own bob posani. keith, let me get your take on the cliff here and on what's to happen in terms of the markets. do you expect the economy to go over the fiscal cliff? what kind of reaction might we see in the market if that were to materialize? >> well, if we saw the market sell off in a big way, i don't think anybody believes we're going to go over the fiscal cliff. there will be some sort of resolution. they'll come up with some tax cuts, some breaks in spending, and probably kick the can down the road on a l
as the new york times said today as the tragedy in connecticut has softened the times. maybe it takes something like this to get the congress and the president to work on things. there does seem to be a spirit of compromise now brewing. i'm not just talking about the end of the year, but any time. the president perhaps holding off raising taxes for those who make $200,000. especially when coupled about this rumored embrace about spending cuts. that could turn the fiscal cliff into a fiscal hop, skip and a jump that ends up in an exciting place. there are other forces at work today that show you the magnitude of what a deal could mean for our great country. the other forces? the transports, banks, u.s. treasury bonds and gold. first, you know i like to watch the transports as a measurement of economic activity. you know it has to be shipped somewhere to be sold. that is why i follow the transports so closely. when they are going up it means there is more commerce happening than thought. planes, trains, truckers and shippers going higher, that above all, is a terrific predictor of growt
in new york. >> big lots and slower same store sales and make it a buy. it had it's gob and i don't want you to come in now. i think that big lots is not a great operator. the market needs to free itself from the notion that there will be a deal. that is what needs to happen. take your time. this hope is still not dashed enough to make this market immune from more disappointment. "mad money" will be right back. shop until you drop? the holiday shopping season is in full swing. the only thing more competitive is the cut throat clash from retailer against retailer. holiday edition of off the charts and later, some thing is brewing. starbucks is serving up returns alongside it's coffee for years. or is this your chance to fill up your cup before these shares get percolating? plus rise above. while washing to be trades offers cramer is keeping you one step ahead. tonight he is getting a read on the regionals. find out if you should be making a deposit coming up on "mad money." >>> with the fiscal cliff looming less than a month away. you would think that some would be getting hammered right
the heck knows when and from what level you can get back in. why don't we go to tom in new york. tom? >> caller: hi, jim. could this offset same-store sales and make it a buy? >> i think it moved already. one of those stocks that moves in gigantic gobs, to speak and had its gob and i don't want you to come in now. not a great operator. one of thebounces up and down, it's not a great stock. you have to return to the growth stock, autos and the housing plays. take your time. buy on weakness. hope is still not dashed enough to make this market immune from more disappointment from washington. "mad money "will be right back. >>> coming up, shop until you drop? the holiday shopping season is in full swing, and the only thing more competitive than jockeying for a position in line is the cut-throw clash of retailers again retailer. tonight, jim cramer is helping you on a holiday edition. and something's brewing. alongside its coffee for year, could concerns about starbucks move into tea mean it's time to lay off the caffeine, or is this your chance to fill up your cup before these shares rea
the jeffries trading floor today in new york. peter, you have a lot of different scenarios, but the most likely scenario that you think is that the blackberry fails, there is no acquisition on this and the cash firm continues? >> yeah. we think it costs about $1 billion to launch these devices. if successful, we think an access possibility goes up. if not, we see the company become much, much smaller a year from now. >> how do you measure success? and when we we know on this? >> we'll probably know around around/may next year. success would be call it 3 to 5 million units in the first quarter out of the gate and 5 million units plus after that. to us, that would be a very good launch. >> for anybody who is actually a blackberry user still, what do you say about these things? if there's a takeover, does that mean blackberry continues? what's the long-term outlook for the company? >> i would suspect that if you're a blackberry user, there's very little chance that your service is going to be cut off. that is a key cash flow driver for the company and anybody who would want to buy isn't concerned
money this week. monday is a shortened trading day on wall street. the new york stock exchange and nasdaq closing early for christmas eve. and tuesday, of course, is christmas day. all markets are closed in observance of the holiday. the rest of the week light on economic news. wednesday's, s&p case-shiller index will tell us about home price changes. and new home sales for the month of november will also be out. >>> earlier in the program, we told you about the deal in which the new york stock exchange will be acquired by the i.c.e. now history. in 1792, 24 stock brokers gathered under a buttonwood tree at 68 wall street. they established rules for buying and selling stocks and bonds. the exchange open stores at the current address in 1903 and dominated trading throughout much of the 20th century. as electronic trading came in and volume slowed the new york stock exchange looked for a partner. and now it has one. the deal really, the end of an era. that will do it for us today. thank you for joining me. next week, a look back at the stories, the stocks and the people who made
griffeth here at new york stock exchange. maria will be along in a few minutes. the markets giving washington the benefit of the doubt so far today. we've had no real progress to speak of on the fiscal cliff. the president did speak publicly about it today. but we haven't exactly taken any step backwards either on wall street as far as the major averages go. we have had more special dividends declared, which we'll get to. first, get you caught up on the markets. kind of a meandering day. a few economic bits of data out today. other than that, not a lot going on as far as economic data go. we're all just waiting to see that white puff of smoke come out of washington and nothing yet so far. the dow virtually unchanged right now at 12,966. the nasdaq is down seven points right now. we'll talk with seema mody about that. and the s&p 500 index at this hour is down 1.80 in change at 1407. in today's "closing bell" exchange, we go over what is going on as we head toward the end of the year. seema mody is at the nasdaq today. jeff, what do you make of what's going on in washington? i'm mos
basis? >> occupancies are exceptional. we have a hotel here in new york on fifth avenue. exceptional business. exceptional all around occupancies. we haven't seen anything like it. we rely also on growing. and the customer demands have changed dramatically. and we responded to demand. the luxury market -- 40 years ago, luxury was a big lobby with a glass elevator. then came marble and chandeliers. today it is individualized attention. of course the surrounding has to be right. i cannot give somebody a room for a thousand dollars a night and the surrounding is not right. everything we do must be superior to competition. >> it's cappella. thank you. we appreciate it. when i go in, i hope the guy has an accent like you. i would pay more -- >> if you go in, your life will be enhanced and you will have an accent yourself. >> my life will be enhanced by this. >> now you're selling us illegal crap again. thank you. >>> when we come back, do you remember where you were 16 years ago today? alan greenspan probably does. what he said on december 5th, 1996 and why we are still talking about it t
's go to jack in new york. >> booyah from brooklyn. >> i'm going to be there later this evening, we should hang out. fedex is reporting better package shipments. do you think that will carry their shares into the next point? >> we were going back and forth after a frustrating day where dollar general blew up. maybe that wasn't such a good day yesterday for federal express and for urgent mail. but we are holding onto it formal. every stock has been tipping itself lately. you know, i like companies so much more than congressmen. it is going to be hard for democrats and republicans to compromise. i cannot blame people for being cautious. i did get a lot of good vibes about no legislation and you know what, i learned that i think ceos are better. "mad money" will be right back. but investors cooled on the stock and sent it's shares into the fryer, is this a value meal or has wall street lost it's appetite for fast food. just ahead. all coming up on "mad money." [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at
to jack in new york. >> booyah from brooklyn. >> i'm going to be there later this evening, we ought to hang out. >> fedex is reporting record holiday package shipments. with the fiscal cliff looming, do you think that will carry their shares into the next point? >> we were going back and forth after a very frustrating day where dollar general blew up. how come fedex acts badly? maybe that wasn't such a good day yesterday for federal express and for urgent mail. but we are holding onto it for now. every stock has been tipping itself lately. you know, i like companies so much more than congressmen. it is going to be very hard for democrats and republicans to compromise. i cannot blame people for being cautious. i did get a lot of good vibes about no legislation and you know what, i learned that i think ceos are better. "mad money" will be right back. coming up, mission critical. washington holds the market hostage. cramer is turning to north dakota for the latest. holiday hustle. while registers are ringing, others are left out in the cold. tonight, an exclusive look at luxury with th
office depot. staples and office depot do business in new york. another reason why the stock's outperforming. lately there have been whispers and you go on the web, you google this thing and you're going to see it. i google it. i don't want to be a part of it but possible merger between office depot and office max. it's true that office depot and staples tried to merge in the mid '90s. justice department nixed that one. but the dynamics of the office supply system has changed a lot since the rise of the internet. i think it's more likely a deal would be allowed to happen in this base. staples buying office depot was the number one player by the number two. ixnay on that. the other merger number two player combining with the number three. justice is always easier on those. i never like to invest on takeover speculation. but there's no doubt office max would go higher if it happened to catch a bid. after this run office max is still cheaper than office depot or staples on an enterprise value basis. not recommending this on a takeover basis. here's the bottom line. i wouldn't re
where your money is? hi, everybody, welcome back. i'm maria bartiromo on the floor of the new york stock exchange. markets closing higher on optimism that lawmakers may be close to a deal on the fiscal cliff. wall street, triple-digit gain, up 120 point on the industrial average. banks in the lead, 13,353. last trade in the dow jones industrial average on volume which was modest. nasdaq composite up and 3053 and the s&p 500 picks up 16 points, better than 1% on the standard & poor's at 1446. markets continuing higher at the close. are there more gains ahead? we bring in right now liz ann sanders from charles schwab and alan gael and eric steuben from russell investment, darryl pearl from epoch investments standing by who will give us a reaction to the oracle earnings once those numbers cross the wires. they should be coming out momentarily. here's the number to look for, 61 cents a share on earnings is what we're expecting on revenue of 9.02 billion. as soon as we get the numbers we'll see how oracle is doing. liz ann sanders, deal or no deal? what's your take on all of this? >> we'll ha
businessmen in new york and certainly one of the most powerful men on wall street. you would never suspect him of fraud unless you knew the math. >> kroft: so i mean, you're like a math guy, right? >> i've taken all the calculus courses from integral calculus to differential calculus as well as linear algebra and statistics, both normal and non-normal. >> kroft: how long did it take you to figure out that there was something wrong? >> it took me five minutes to know that it was a fraud. it took me another almost four hours of mathematical modeling to prove that it was a fraud. >> kroft: what were the things that caught your attention? >> it was the performance line. as we know, markets go up and down, and his only went up. he had very few down months. only 4% of the months were down months, and that would be equivalent to a baseball player in the major leagues batting .960 for a year. clearly impossible. you would expect cheating immediately. >> kroft: maybe he was just good? >> no one's that good. >> kroft: harry said there were only two plausible explanations: either madoff was using insider
up half of the foreclosures. the rest are new york, new jersey, illinois and nevada. four out of five are judicial states where you need a judge to sign off on each foreclosure. nevada seeing a big slowdown due to new laws there protecting borrowers. expect to see more of a drop in foreclosures in the coming months. both fannie mae and freddie mac announcing their usual foreclosure moratorium for the holidays. most banks halt foreclosures for 90 days in new york and new jersey. clear capital will release a report tomorrow showing home price gains weakening rather dramatically in november and they're warning all bets are off on housing improvements should we go over the fiscal cliff. >>> speaking of housing, would you buy a mortgage from walmart? or how about a mortgage from an onlime payment providing like paypal? results after new survey, what does it mean for banks and consumers in the next half-hour. >>> a deal may be in the works involving two of the best known airlines. delta is in talks to buy 49% of virgin atlantic from it current shareholder which is singapore airlines. cnbc's
with a group of u.s. hedge funds won't need to be heard in a u.s. court. the appeals division of the new york supreme court has ruled there isn't enough connection between those events and the new york state to justify the case being held there. the court ruling noted that germany's legal system would provide an adequate alternative. certainly not the last chapter in that saga. >> no. probably not the last saga in this, either. hewlett packard has suggested the u.s. is looking into questionable accounting practices. last month's ceo meg whitman used that as the basis for a nearly $9 billion write-down. the ex ceo mike lynch continues to defend the company's accounting practices. hewlett packard, a little higher in german trade this morning. but down by 20% of its value. >> not a pretty quarter for hewlett packard. >>> brent crude has climbed above the $100 a barrel mark as u.s. lawmakers attempt to avoid the fiscal cliff. but crude is poised to post its smallest gain in three years. wti is set to post its first annual last in four years. ian, welcome. we've seen this sharp decline in oil pric
that don't live in new york, here is look at the tabloids this morning. the "new york post," off the fiscal cliff. this fall is really going to hurt. ben white of morning money, dennis, said an excuse to get a bic can keeney on the cover. >> relatively slow news day. what geithner did yesterday is almost as if he is strapping a damsel in distress to the tracks and saying the stakes are rising higher. the markets are taking all this tension, all this sort of -- these things at stake to really make the point perhaps that you have to have those stakes really high for people actually to get a deal. >> on "fast" last night when that letter crossed in the green rooms, we were chatting, we said this sounds like a ploy on the part of the treasury to actually get people to start moving. obviously, there wasn't a market selloff, did have the stumbling blocks and traders on friday said almost better if we did see the markets pull back more to crystallize what this could mean for the u.s. economy to members of congress. we didn't see that. it is a numbers game though in terms of what will happen. we kn
is it was very mystifying to be down there today. i like englewood cliffs and the floor of the new york stock exchange more than washington. there is always a bull market somewhere. i will see you tomorrow. >> madoff. it is a name that will live in infamy. it's a tough name to live with. >> it sure is. >> in the first interview since bernie madoff's arrest, his wife ruth... >> i trusted him. >> and son andrew... >> that's who i am. my name is madoff. and i'll live with that for the rest of my life. >> speak out about crime, guilt, suicide... >> mr. madoff, what do you have to say for yourself? >> and the day bernie admitted to committing the largest financial fraud in history. >> and he said, "i have a confession to make. i've been running a ponzi scheme." [ticking] >> do you think you could pull off this scam today? >> given the same security measures? >> yep. >> easily. piece of cake. >> sam eshaghoff's scam was getting paid thousands of dollars to take the s.a.t. test for other students. he did it at least 16 times, scoring in the 97th percentile of the country. >> i would call him an acad
and come back. let's go to steve in new york please, steve? >> caller: greetings from the beautiful finger lakes of central new york. >> i love the finger lakes. what's going on? >> caller: two-part question for limited brand. it looks like the revenue numbers are finally catching up with the same store sale numbers as evidenced this past month. the stock has been in a trading range 45 to 49 for several months. today it closed at 52.15. is this the breakout we've been waiting for? >> i'm going to say yes. no one had a good month in november except for amazon and your play, and limited. if you can have a good month of november when a lot of businesses were shut down because of sandy, who knows what could happen during the closer we get holiday season period like right now. limited's for me. it's for you. what the heck was up with office max? i thought it would be left for dead but it's coming back to life. the company has some things going for it. if you're looking to get in, look, you know you'll get some congressman or senator saying there is no deal. at that moment you pull the trigger,
and britain. and here at home, california and new york are passing through the 50% tax rate barrier. is anybody looking at how tax hikes fail the test of economic growth? >>> back here in the u.s., could it be michigan which used to call itself the worker's paradise union state is now moving towards new anti-union right-to-work legislation and it looks like it's going to pass? but first up, budget talks resume between speaker john boehner and president obama today. with just 25 days to go, let's keep tabs on where we stand. reports of a conservative backlash against speaker boehner simply not true. he has the solid support of his leadership and the rank and file. but there is concern among some in the gop that they are at risk of becoming the party for rich people while president obama and democrats stake their claim on the middle class. and my tax rate flexibility with higher -- here's what the president said earlier today. >> i'm not going to sign any package that somehow prevent prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can ge
, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. stocks higher today on wall street as the close settles out. we see some money coming into this market. investors still hoping for a deal in washington to avoid the fiscal cliff. take a look at how we're settling on wall street. as we saw money moving into equities in the last 20 minutes pushing the dow jones industrial average up to 60 points higher at the close at 13,312 on the dow jones industrial average. nasdaq also finishing in the plus column with a gain of six points, and the s&p 500 up about eight points, one-half of 1% at 1433. closing in on the fiscal cliff deadline still with no deal in sight, let's find out how you should be investing in the face of the fiscal cliff fiasco. we want to dig deeper into the nyc/i.c.e. deal as well announced today, that it means for you and the global exchanges. gentlemen, welcome. thanks soechg for joining us. >> thanks. >> thanks for having me. >> let me kick this off with you in terms of the fiscal cliff. give me your strategy, d
than post nine where i'm stationed on the floor of the new york stock exchange for "squawk on the street" to see this new acquisition dynamic play out. today nyse euronext agreed to be acquired by intercontinental exchange, a young upstart with not even a dozen years of trading under its belt. this went from $24.32 and change, had a fantastic appreciation, which shows you how an iconic american business can be worth much more than it's trading floor, providing a competitor gets to acquire it. separate these companies, know what they are? they're part of a dog eat dog universe of exchanges and an industry with way too much capacity. together they become the global powerhouse that can dominate futures trading. in other words, this is a dodd-frank legislation made me do it deal. it shows both companies are willing to do what's right for you, the shareholders, even if our leaders aren't willing to do what's right for you, the taxpayers. sadly the new york stock exchange is something that we used to come into a newer company because the equity business, which is its bread and bu
a good christmas. i'm melissa lee. we're live from the new york stock exchange. jim cramer has the day off. the latest s&p schiller home price report has been released. the results being shown at the bottom of your screen. david blitzer will join us with a closer look at the numbers in just a few minutes. let's get a check on how we're setting up on this day after christmas trading session. the dow looking higher by about 15 points. s&p looking at about two points at the open. european markets closed on this day after christmas. the uk and france among those celebrating foxing day. we start off with, what else, retail. dips in spending in the mid-atlantic and northeast regions. luxury sales also weak. >> we're coming off the worst christmas eve for the dow since 2006. as the president cuts short his hawaiian vacation to deal with the fiscal cliff, just five days to go until we go over. >> threatening both coasts with workers snubbing up best and final contract offer. >> and more on the home front. we'll have more on the data and whether it can keep one of the best performing sectors of
money pro. doug told "the new york times" in a piece that led today's business section that one of the biggest stock market worries, the main from higher capital gains and dividend taxes would barely have an impact on the market. because so few individuals have taxable accounts. only 14% down from 29%. dog's calling it a canard. and others say the job cuts for 2013, which seems to be put as many as two million to be made jobless woend be as fast or as high. plus the tax increase can be rolled back. in other words, a deal will eventually be reached, so while bother to sell. okay, so the it's all overdone crowd may have a role to play here. particularly because it turned out that when we got a deal to avert the debt ceiling back in the summer of 2011, we caught a gigantic rally. it wasn't a mistake to sell. this is debt ceiling two. let me tell you where i come out. while nothing is irreparable in putting things back together if we go over the cliff. i'm getting worried about what will happen. certainly more than the school who says that the dire predictions are off the mark. i'm
or minimize taxes to hit some people. high tax residents new york, california may find some of the deductibility of taxes is restricted. all of that is going to have a negative impact on consumption. we have seen the third quarter show that consumption increase is slower than expected. that's going to get accentuated as we go into the new year, which is why i think even if there is an agreement the impact is going to be quite negative. >> jim, you disagree. you call it a mole hill. what do you mean? >> i think it's sold as a cliff as if we're going to fall entirely off and have this massive fiscal tightening next year. what is more likely is a modest tax hike and spending cuts and most things extended and we live to fight for another day. i personally think we will have fiscal cliffs over and over the next several years. if you have a modest fiscal tightening next year, it's nothing new for the economy. we have had 1% for every year of the recovery. the deficit has improved by about 3.5% in the first 3 1/2 years of the recovery. so a little more modest fiscal tightening hasn
for the amtrak program that's never been done. what is going on here? the people in new york who are still suffering need direct assistance. none of this is direct assistance. >> hello, larry. of course what's going on is business as usual here in washington. listen, i think there's bipartisan support to realize that this is emergency. we want to get money flowing to the people that need it. but let's get some information. let's not create a christmas tree here and load it up with all kinds of different ornaments. let's take a look at what the true need is, short term and then longer term. and let's do this in a measured fashion. so from my standpoint, i think it makes an awful lot of sense. we've got nine months left till fiscal year 2013. that's kind of the line of demarcation. we should be looking at what needs to be appropriated for the rest of fiscal year 2013. and then, you know, how about we pass a budget for fiscal year 2014 where we can consider the rest of the spending in a proper format where we're actually getting the information on how this thing really should be spent. >> i'm
. but the major population clusters in the northeast. buffeted not by the heavy snow in new york city, but you get some strong winds. we're talking wind gusts 60, maybe even 70 miles per hour. the farther south and farther to the east or west you go, the better it's going to get. parts of the southeast, into the mid-atlantic states and back into the central plains, it's not bad. northern plains dealing with the scattered snow showers. 15 degrees in bismarck is as high as it's going to go. out to the west, we're seeing another storm system trying to make its way on shore and also some scattered showers along the coast. but the big thing this storm is going to affect obviously is going to be your travel. it's going to be a mess for you in many places including new york city. showers should be out of there by mid day, but the wind is going to continue. that will give you backup necessary boston, portland, maine, and in buffalo, new york, certainly a mess there, too. guys, back to you in new york. >> scott nations joins us from the futures pits in chicago. and we were talking about 13, 1,000 and it lo
at the economy, the looming fiscal cliff. my partner, tyler mathisen kicks it off for us at the new york stock exchange. >> thank you very much. it is a quiet day down here at the new york stock exchange where the major averages are not really doing very much at this hour. let's take a look. the industrials are down 7 2/3 points at 13,163. nasdaq a little bit lower also in percentage terms. also a percentage at 29891.48. 2 3/4 right now at 1416.74. it would appear the markets are watchfully waiting to see what comes out of washington, if anything. of course, mr. boehner has gone back to his home in ohio for the weekend. the president is on duty at the white house. there are phones, as mr. boehner said, in southern ohio where he lives. if there are any developments, the two gentlemen certainly will be able to get in touch with one another. meantime, there are some individual stock stories of interest at this hour. and one of them concerns facebook. be a facebook lockup expires today and 150 million shares will open up on the market. the last time we had a lockup expiration many expected to see
for the heimlich. the newly design the walgreen's and dwayne reed's in new york are things of beauty and among my favorite places to shop and those who watch "squawk on the street" know i like to shop. i go to my dwayne reed's twice a week and the store manager tom does a great job. my inclination is this is a buy on any weakness and if it weren't for the gigantic acquisition i would say don't wait for the weakness. it's got a bright future ahead of it. beyond earnings monday the empire state manufacturing report from new york. in full-blown weak data mode want to see if business is rolling over. sought empire manufacturing number will set the tone for the rest rest of the day for things that ge doesn't cover. the fed told us businesses are ratcheting down spending. this is what we could hear. here's the bottom line. it's time to get used to the idea that we're going over the fiscal cliff. ready yourself to take a big hit in a couple weeks. but don't forget that individual companies still matter. if you really like one of these companies, i'm going to suggest buy half and then wait to see if we g
've been investing for around 20 years, he says. compared to new york and london, investments in china are relatively new. the markets he said are dominated by small time chinese investors who bet more on gossip and behavior rather than company profit. trading halls here feel like gambling debs. people in trading rooms like this one with just wiling their time away. most of them are stereo scared to get back into the market. chinese investor res paralyzed by the worst economic growth since the 1990s. historically, the markets here have gone through booms and busts, but have never gained the stad temperature of the economy. now the world's second largest. the problem is, people don't trust what they're buying. that reality was exposed by a accounting scandals in the u.s., involving new york listed chinese companies currently under scrutiny by the securities and exchange economic oh sec. >> the chinese regulatory authority only do themselves a disfavor by not being more cooperative with other international regulators such as the s.e.c. and then investors back home here will pick up on th
room in some of the smaller stores? >> yeah. >> will we see these things in new york? >> you may see them in new york, but the best example we talked about last time was the pub, the pub idea. >> yes. >> we had that and started out in one and now have 55. turns out people enjoy getting together and gathering and relaxing after work. >> okay. now, you also did a study most recently a lot of -- a couple guys joked. ask him about whole paycheck and a lot of what i buy at whole foods is now cheaper than local merchants. >> right. we've talked about this. work really hard on our competitiveness. quality and value, quality and value, it's always a dance. i think we are fundamentally more competitive. and i'm looking you in the eye and saying, hey, we are going to be competitive unlike product because we're going to continue to grow the company. >> you have been doing terrific work rolling out private label. >> right. >> is there a balance? some people want to see those branded in the store, don't want all private label. other people, some of the branded companies, they can't be that happy
bernie madoff in queens, new york. >> i just saw him, and i was sort of swept away, i think. >> she married him at age 18. they had two sons: mark, then andrew. bernie was building up his money management business. a typical middle-class family living on long island. >> we were both solid parents and valued our family and so proud of our boys. it was a dream, really. >> exactly when bernie madoff went wrong is unclear. but as his reputation for delivering steady profits grew, the madoffs began living the good life. a penthouse in manhattan, homes in palm beach and the south of france, and yachts in both places. >> he was a big figure in the industry. he was the chairman of nasdaq. he was constantly being honored as "man of the year" of this organization and that. and that--that had an effect on me. >> both sons went to work as traders for their father's firm in the late '80s, a time authorities believe madoff's ponzi scheme was well under way. why would your father want to taint his sons by bringing into a situation that could, well, spell disaster? >> you know, that's-- that's a gr
of new york in 1973. >> this was a time when there were no cordless phones, certainly no cell phones, and here's this guy talking as he was walking along. and i stepped into the street and nearly got creamed by a new york taxi cab. so talk about being prescient and seeing a picture of the future. >> it's a future of nonstop connection, of apps galore, iphones and droids, blackberries and blue teeth. or is bluetooth? >> so you really like this thing, huh? >> marty cooper checks out the latest at the wireless industry's annual convention in las vegas. >> wow. >> a huge convergence where geeks meet gizmos. >> how do i remove-- i know how to add a... >> and unlike some of us of a certain age, he understands all of it. do you tweet or twitter? >> i signed up for twitter about six months ago, did nothing, and i had 17 followers. [laughter] so now i'm actually twittering. my latest twitter is "the secret of successful aging is to have good genes and to show a lot of respect for those genes." >> you think you're the oldest twitterer in america? >> i don't want to be the oldest anything in am
before christmas. i'm carl, with melissa lee, david faber at the nyse. the new york stock exchange and nasdaq closing at 1:00 p.m. eastern time. the futures, a little bit of weakness here which we'll talk about in a minute, after it comes after a pretty bad day on friday. the european markets closed for the christmas eve holidays. london, paris, spain have each completed shortened sessions in light of the christmas holiday as well. the friday sell-off, only five trading days are left in the year. is the market getting used to the idea that a fiscal cliff solution will not happen before year end? >> only a few hours remain to finish your christmas shopping. but some words of caution for toymakers. are tablets and apps ruining the season as kids get more accustomed to technology? >> microsoft windows 8 gets more bad press today, as "the new york times" said it is not leading to a boost in pc sales. is there anything that can turn that lagging sector around? futures moving lower, as concerns about the fiscal cliff talks weigh on the market. talks about progress toward a deal sent the
're playing new york for the next three weeks. >> we do 21 nights. this is our eighth year in a row in new york. we don't have to get on an airplane. >> sold out at the blue note. two shows a night. 21 nights in a row. come down. shows are 8:00 and 10:30. there are usually a couple seats left because people can't make it to new york at the last minute but call the club or whatever. very, very famous legendary jazz club the blue note. >> usually room at the bar. >> there's always room at the bar. >> we'll see you in an hour for the closing bell. thanks so much. >> thanks, bob. speaking of the market shortened session one more hour. let's head over to maria at post 9. >> thanks, carl. hi everybody. welcome to the closing bell. i'm maria bartiroma at the new york stock exchange. no, your watch is not wrong. the closing bell ringing three hours early today at 1:00 eastern for christmas eve. hi, bill. >> hey, maria. i'm bill griffith here at cnbc world headquarters. a down day not terrible, light volume as you might imagine on this half day. the dow down about 40 points right now. 46-point decl
at the lead story, business section of "the new york times." "fiscal cutoff gradually morphs into fiscal horizon." than we get a deal january 1, 2, 3, but people talking mid-january, talking about end of january. i saw one of the pieces, early february for the first time. >> early february. right. >> i thought the markets were supposed to be going into sort of t.a.r.p. style dives by now. when does that happen if it does ever? >> yeah, well, i would still say, you know, as i said a couple of weeks ago, if that's going to happen i would stay probably bo probably goes into february when you bring in the debt ceiling. i think one of the most dangerous statements made i think last week was just when they said, well, we're willing to do a small deal now and really hammer this home in another debt ceiling debate. and i think -- if that becomes the mode usond reven-- the mo mos eperendi, it will weigh more negatively. the bottom line is, the data's been good. i'm not saying that the market's done the wrong thing. >> quickly because we got to go, my sense and great worry is that people saw what
in london and modeling systems already in place in new york and hong kong. joining us now with more details, pasmovoro gordoto. thank you. >> midtown lopped has a new project pilot system where you'll see not just, what, four buildings where they're using the roofs for agriculture, but because they're trying to fully recycle what's up there and make these closed systems. >> that's right. we've got four rooftop pilot projects and more in the pipeline and potentially innovative projects that could be rolled out through central london. what's the cost? >> as a pilot, it's about 35k. going forward, it stands to save around 10% of energy usage and, obviously, cut emissions by 10%, as well. >> so 35 pounds apiece. how long does it take usually for that to recoup that cost? >> it wouldn't take long at all. if you think about it, we've got large corporate in central london burning vast amounts of energy. we've got a lot of historic buildings that's quite hard to green. so the impact of a green roof has fantastic insulation qualities. >> i think actually nbc is in central london. cnbc is here, but n
'm melissa lee live from the new york stock exchange. negative across the board, looks like we're going to lose about 8.5% on the dow. we're watching for headlines out of an ecd press report. our road map this morning starting with apple, cratering on its biggest decline yesterday on four years, closing just pennies off the lows of the session. the stock continues lower premarket as investors watch the death cross watch. >> a cnbc exclusive, tim geithner says over the cliff is a must. >> bank of england and ecb keeps rates unchanged. europe continues to hang in there economically. >> and nat gas gets a boost. the government finds exporting it is better than keeping it here at home. >> apple as we mentioned in the spotlight today, shares of the tech giant coming off their worst day in four years, sliding back into bear market territory. the one day loss erased nearly $35 billion in market cap. that chunk is bigger than 400 other s&p 500 companies. apple ceo tim cook talked to nbc's brian williams in our rock center exclusive. >> why can't you be a made in america company? >> you know, th
the people in new jersey and new york are not left high and drive. because it's a national issue. when there's an emergency, we just don't all say, everybody on their own. which is often your theory. no, everybody in this country isn't always on their own. we are a national community. and when there's a tragedy, when there's some kind of event in new jersey, new york, we all have a responsibility, accountability. don't use that as a dodge for saying, let's act. the auto industry would have been on its -- just destroyed. >> about 1.5 million jobs, i might add. >> absolutely. and we had accountability there. >> let me get a word in here. i know you want to dominate the conversation -- >> no, i want you to get to the point. >> we now agree there should be additional language in the legislation to have accountability. that is a great point. so far there wasn't that accountability when you voted in the past on a bailout to states in this area. it's good that we moved that point. i look forward to working with you to provide that accountability. >> there was accountability in terms of help for gm
an apartment, it was not that valuable. >> it's not practical for a new york city dweller, for instance. >> when you get houses, you see the mexican properties? i'm saying they're going up there. >> oh, really? >> yeah. if anybody wants one. >> available for weekend rental. >> semiautomatic weapon included. >> somebody stole it from me, he thought i was going to stop there, and let hem get away with it, and that's not really my style. >> would you kidnap jim cramer, david? i'm not sure. >> no. >> it would end there. >> it never ends. >> if the guy had done nothing, i would have said fib. but i found him -- no one has seen "taken 2." >> how could you not? what a great franchise. >> i know. >> she's been taken. >> really bad luck. >> when we come back, apple tv, microsoft surface tablets, we'll bring you the latest development regarding both of those. more from the deal book conference in manhattan, including an exclusive with lloyd feinstein. 11:00 a.m. eastern time. hanging on to gains. at the nyse, when we return. can i help you? i heard you guys can ship ground for less than the ups s
steve israel, congressman from new york. plus, we'll also be talking more about what's at stake in washington and how the fiscal cliff is likely to effect investment decisions. we have value investor leon cooperman, he's going to join us on set starting at 7:00 eastern time. then at 8:00 eastern, we have black op co-founder and ceo ralph schlosstein. and lynn hutchins will join us. we'll talk about what they see playing out and what they think is working when it comes to the markets now. >> the bill that the president says is in the house that he will sign if -- that's in the senate -- >> the senate. >> the senate that he will sign if the house passes it is what? >> that is $. >> -- that is 250? >> 250? >> he said 400. he said, i have the pen, let's keep tax rates where they are for everyone at 250 and below. so this one, that's c these guys are pretty clever because that would keep rates where they are for everyone at a million and below. no middle-class taxpayers up to a million dollars -- >> that's no matter what, isn't it, in either bill? >>yon r -- i think it would be the s
. we charged all their cell phones. and we did this all over new york. we did it downtown. we did it in washington square park. all over. and then we started distributing the stoves to people in the rockaways. so they could do this at home. >> okay. great service. now, everybody on our crew who has seen this immediately wants to buy one. because they all want to put it, set in in their trunk so if you go camping you can be able to charge your phone and your ipad. are they available yet? >> they are available. they're for sale through our website, biolitestove.com. we have sold tens of thousands of them this year. and then next we're we'll be in wholesale locations in the u.s. and about ten countries internationally. >> r.e.i. and eastern mountain sports, that kind of thing? >> yeah. companies like that. >> we've shipped these to now 70 countries around the world. and if you go onto our site or go on to youtube you'll see all the videos people are making about how they're using them in every language you can imagine. >> let's talk emerging markets. those people -- i talked to someb
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